G4S rebuffs hostile bidder GardaWorld, insists pension scheme well funded
Reuters
Published Oct 07, 2020 08:06
(Reuters) - British private security company G4S (L:GFS) on Wednesday once again rejected smaller Canadian rival GardaWorld's offer and dismissed claims made by the hostile bidders in a pitch to shareholders as misleading.
GardaWorld, which launched a hostile bid for one of the world's largest private security companies G4S last month, said on Tuesday that it, along with its private equity owner BC Partners, had a plan to "address G4S' pension issues".
That prompted G4S to say its UK pension schemes, attached to its retained UK cash operations, were "well funded" and "well managed" and that it already has an agreed funding plan with its trustees.
"The Board, once again, unanimously rejected this offer as it continues to significantly undervalue the company," G4S said, referring to the 190 pence per share offer valuing the London-listed firm at 2.97 billion pounds.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.